Withdrawal of Tiffany's acquisition plan US adds to French products due to tariff concerns

Withdrawal of Tiffany's acquisition plan US adds to French products Due to tariff concerns 10:27 on September 10

The French LVMH group, which owns luxury brand Louis Vuitton, announced that it will withdraw its plan to acquire American jewelry brand Tiffany.

It cites the fear that the US government may impose additional tariffs on French products.

LVMH is a giant conglomerate of 75 brands including Louis Vuitton, and in November of last year, it agreed to acquire Tiffany for a total of $16.2 billion and JPY 1.7 trillion in Japanese yen. It was.

The acquisition was expected to be completed by November, but LVMH announced on September 9 that it would withdraw its plan.

In a statement, the US government feared that it would impose additional tariffs on French products, and the French government requested that the acquisition be postponed.

Then he explains that the plan cannot be completed in these situations.

In response, Tiffany sued LVMH in an American court for the implementation of the plan.

LVMH was trying to gain a foothold in the American market with the acquisition of Tiffany, but it said that it would consider revising its plan in June after the spread of the new coronavirus spread to the fashion industry. It was.